Oak Bay properties among elite of Greater Victoria

Median residential property assessments in Oak Bay fell from $691,000 in 2012 to $667,000 in 2013

Following a year where Oak Bay was one of only two municipalities in Greater Victoria to see property assessments rise, 2013 has been less kind.

Median residential property assessments in Oak Bay fell from $691,000 in 2012 to $667,000 in 2013, a 3.43 per cent dip, down from a modest increase of 0.78 per cent in 2012, according to BC Assessment reports. The number of properties rose from 6,422 to 6,443.

Despite the drop, Oak Bay Mayor Nils Jensen expects growth in Greater Victoria, and in particular Oak Bay, as people from colder climates continue to come to the Capital Region to live, work and retire.

“It certainly says that the hot real estate we had for some time is cooling off but that is likely temporary, particularly in Oak Bay,” Jensen said. “We have always had a strong housing market and strong assessment value. I think this is an aberration.”

Jensen said most homeowners would not see a significant impact on their individual taxes unless their assessment decreased or increased significantly more than the average.

“It is not going to have a direct impact,” he said. “It affects more how the taxes are distributed for people whose houses went up in a market when the average is a downward trend, those people will see an increase in their taxes but that happens every year.”

The entire Capital Region’s Assessment Roll decreased from $90.5 billion to $88.8 billion between the July 1, 2012 and July 1, 2013 assessment period with the highest valued residential property in Greater Victoria being an Oak Bay property valued at $11,972,000.

Nine of the top 15 highest assessed residential properties in the region are located in the District of Oak Bay. Property owners with questions or concerns about their assessment have until January 31 to submit a notice of complaint for an independent review.

Top 10 residential properties in Oak Bay

3195 Humber Rd, $11,972,000 – Acreage

3125 Beach Dr, $9,186,000 – Acreage

3160 Humber Rd,   $8,786,000 – Single Family

3150 Rutland Rd, $8,674,000 – Acreage

963 Beach Dr, $7,986,000 – Single Family

3355 Beach Dr,  $7,597,000 – Single Family

1069 Beach Dr, $7,463,000 – Acreage

1101 Beach Dr, $7,376,000 – Acreage

3480 Ripon Rd, $7,075,000 – Single Family

249 King George Terr, $6,533,000 – Single Family



Just Posted

Saanich police are looking for a man who exposed himself Saturday night

The incident exposure happened at the intersection of Feltham Road and Shelbourne Street

Readers Theatre returns to Victoria’s Emanu-El

Born at Congregation Emanu-El’s 2013 Arts Festival, Bema Productions is back for its fifth season

Victoria-bound plane slides off icy Edmonton runway

Crew, passengers had to disembark via bridge stairs

VIDEO: Hundreds gather in Victoria as part of global Women’s March for equality

‘End Violence Against Women’ march theme for 2019

Almost four of 10 Canadians have unlimited internet data at home

Fifty-four per cent say they telecommute at least sometimes

Students seen mocking Native Americans could face expulsion

One 11-minute video of the confrontation shows the Haka dance and students loudly chanting

B.C. VIEWS: Fact-checking the NDP’s speculation tax on empty homes

Negative-option billing is still legal for governments

May plans next move in Brexit fight as chances rise of delay

Some say a lack of action could trigger a ‘public tsunami’

Group challenges ruling for doctors to give referrals for services that clash with beliefs

A group of five Canadian doctors and three professional organizations is appealing

Major winter storm wreaks havoc on U.S. travel

Nearly 5,000 flights were cancelled Sunday around the country

Want to avoid the speculation tax on your vacant home? Rent it out, Horgan says

Premier John Horgan and Sheila Malcolmson say speculation and vacancy tax addresses homelessness

CONSUMER REPORT: What to buy each month in 2019 to save money

Resolve to buy all of the things you want and need, but pay less money for them

UPDATE: B.C. woman and boy, 6, found safe, RCMP confirm

Roseanne Supernault says both she and her six-year-old nephew are fine and she has contacted police

Most Read